It is important to start planning for possible nursing home care while you are still healthy. Unfortunately, many people end up spending their life savings on nursing home costs because they simply did not plan for being in one. Sometimes, something unthinkable will happen health wise that forces you to go into a nursing home. Not all life events can be planned, but you can plan on saving your hard earned money.
Medicaid is a joint federal-state program that provides medical assistance to various low-income individuals, including those who are aged (i.e., 65 or older), disabled, or blind. A large percentage of nursing home residents pay for their nursing home costs with Medicaid. To qualify for Medicaid, the states looks at various sources of income and assets that are available to you. By planning ahead, with an experienced Medicaid planning attorney, you can rearrange your assets to allows for maximum protection from creditors, including nursing homes.